Bitcoin Price Prediction as John F. Kennedy Jr Supports BTC
Bitcoin prices rebound after hours of FOMC meeting in which Fed Raises interest rates fueling the US inflation hike.
Bitcoin price prediction experienced a bit of a sluggish movement after FOMC meeting where Fed rose the rates again for straight 14 Months. However, Bitcoin prices seem slightly affected by the news as BTC bounced back on Thursday after showing a light downtrend.
Recently, Kennedy Jr. expressed his displeasure with the US government for devaluing Bitcoin due to its energy concerns. He stated that,
"Bitcoin mining uses as much energy as video games and nobody is calling to ban those!"
The Presidential candidate got a lot of praise for accepting the new technology and also some memes.
Robert F. Kennedy Jr., the late Senator Robert F. Kennedy's son, is running for President in 2024 as a Democrat. During his campaign announcement rally in Boston, Kennedy stated that he wanted to challenge corporate power, which had corrupted the government and threatened people's liberties.
Kennedy will also be in attendance at Bitcoin 2023, a big yearly event for Bitcoin aficionados. In addition to this, Data analytics firm Santiment also released a report that says Bitcoin may surge after the FOMC meeting which could cause another BTC rally. Let's see how it could affect Bitcoin price predictions.
Bitcoin Price Prediction: BTC Correlation with Fed Rate Hike
Bitcoin immediately surpassed $29.2k within 3 hours of the Fed's decision to boost US interest rates by 25 basis points. Markets have exhibited some strong rising potential since this time.
According to the Santiment study that asserts this:
"At least it's over with now. Crypto no longer needs to worry about fiscal policy until June." Obviously, the outcome of interest rates now being +5% in the past 14 months is not ideal if cryptocurrency remains heavily correlated to equities as it has been for most of the past year and a half."
The statement on the report came after Bitcoin tumbled a bit after FOMC meeting which ignited researchers and experts to find a correlation between them.
The report cites Bitcoin's impressive uptick of 2.1% in just 6 hours, which shows a very fine tuning for short-term investors. The data also indicates that trading volumes for the top market cap assets have increased across the board.
Source: Santiment
Bitcoin Price Prediction: Daily Chart
Bitcoin (BTC) is currently trading at $29,077.31 with a 24-hour trading volume of $13,021,503,753. This indicates a 0.01% gain in the previous 24 hours and a -1.38% decrease in the last seven days. Bitcoin has a market worth of $563,072,357,478 with a circulating supply of 19 million BTC.
Bitcoin price prediction aimed to extend recent gains to the 29383.50 range early in the Asian session, signalling a test of an upside price objective related to purchasing pressure that increased around the 27479.93 area in late April.
Strong bids have lately arisen in the 28122 region, which is close to the 61.8% retracement of the current appreciating range from 27664.31 to 28899.99. During the climb, stops were chosen above the 28817.15 and 29089.22 levels, which represent the 50% and 61.8% retracements of the depreciating range from 29969.99 to 27664.31.
The 14-day RSI is at 53 and is looking upward. This move suggests that the Bulls are taking charge from here.
Source: tradingView
Conclusion
In conclusion, Bitcoin price prediction reveals that the current market condition is looking slightly bullish which is driving the price movement. Overall, the market is in positive condition with bulls in favour.
Related:
Trending
